Home improvement loans can be taken by any individual subject to certain eligibility criteria. These loans are given for the sole purpose of renovating the individual's property.

1. Home Improvement Loan
Buddy Loan – The New-Age Loan Aggregator!

2. What is Home Improvement Loan?
 Are you depressed at the sight of your home falling apart with peeling paint and damp
patches on the walls? Is your furniture well past its "expiry date" or is your house in a
sorry mess? s you may know, banks provide loans for various reasons. They also give
loans to spruce up your home.
 Every scheduled bank and other financial institutions like NBFCs offer some form of
loans for home improvement.
 Home improvement loans can be taken by any individual subject to certain eligibility
criteria. These loans are given for the sole purpose of renovating the individual's
property.
 The interest rates for these loans can vary from bank to bank or from financial
institution to financial institution. Interest rates are starting at 11.99% p.a. Similarly,
the maximum loan amount also varies, and the repayment tenure could be anything
from 1 year to 5 years.
 Given below is a sampling of the interest rate, max loan disbursal, and repayment
tenure of some of the banks and financial institutions that offer loans for home
improvement.

3. Secured
and
Unsecured
Loans
Loans can be secured or unsecured.
In the case of secured loans, the applicant has to
mortgage some fixed assets like land, house or
apartment. Some banks and financial institutions
also accept gold jewellery.
In unsecured loans, the bank gauges the
applicant's ability to pay back the loan. Each bank
has its eligibility criteria to decide whether the
borrower can pay back the loan.

4. Checklist for
Applying for a Loan
➢ Your age should be over 21 years
and below 65 years.
➢ Should be salaried or self-
employed.
➢ Applicant should be an Indian
resident.
➢ Loans are available to any gender.

5. Adding co-applicant
Helps in maximising loan amount
Get a better interest rate if co-applicant is a female
Female co-applicant need not be the owner
(Few financial organizations or banks don’t offer this option,
pleased o check this with your lenders before availing the loan)

6. While applying for a loan also take into
account charges like
PROCESSING
FEES
PROPERTY
INSURANCE
INCIDENTAL
EXPENSES
STATUTORY
CHARGES
OTHER
CHARGES

7. In
Conclusion
➢It is advisable to research and
compare the offers until you make
the final decision. Some websites will
offer you multiple options and will
also show you a comparison chart
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